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Letting a Property: What Are the Fees?

For first time landlords it can be hard to understand the costs involved. Here, we'll guide you through them.

When you are becoming a landlord for the first time, you need to understand the costs associated with renting out your property. The fees Preston Baker charges to all landlords are easy to understand, with the costs depending on the level of service you choose.

Property landlord fees

We’re happy to provide advice to landlords on the costs involved and on choosing the right level of property management service for you. Essentially there three options:

  1. Fully Managed property service [£395 +VAT initial set up fee, plus a monthly fee of 13% Rent +VAT] Preston Baker manages the tenant relationship, rent collection and all property maintenance on your behalf. There is a monthly management fee to pay for this service.
  2. Rent Management service [£395 +VAT initial set up fee, plus a monthly fee of 8% Rent +VAT ] Preston Baker manages the rent but doesn't manage the property. The landlord takes responsibility for property maintenance and tenant management.
  3. Let-Only service [£295+VAT up front for Marketing the property, plus 50% of the first month's rent plus VAT once we secure a tenant and they move in]. Preston Baker markets your property and arranges the tenancy agreement and set-up. The landlord takes responsibility for property maintenance and tenant management.

With all these options, there is an initial tenancy set-up fee to pay of £100 inc. VAT. This is paid every time a new tenancy begins or renews.

View the full pricing schedule here.

Other costs of being a landlord

You will need to have an Energy Performance Certificate (EPC) in order to place your property on the market. Preston Baker can arrange an EPC inspection and certification for you, at a cost of £96 Inc. VAT. In addition you will also need a Gas Safety Certificate and an Electrical Installation Condition Report* both of which must be in place prior to your tenant moving in. We can arrange a gas safety inspection and certificate by a Gas Safe registered engineer, at a cost of £90 inc.VAT and an electrical installation inspection and Electrical Installation Condition Report by a NICEIC registered enginer, at a cost of £198 inc. VAT.

A property inventory and checks can be provided for an additional fee, dependant on property size and which service you select.

For property repairs and general maintenance tasks, Preston Baker offers the services of our in-house Property Maintenance Team, who can respond quickly and provide an approved level of service to your tenants. Please contact us if you would like to take advantage of this service.

* (You may already have an Electrical Installation Certificate for newer installations. This will suffice so long as it's less than 5 years old)